Singapore shuts bank unit linked to 1MDB as Swiss open criminal proceedings – Reuters

Singapore shuts bank unit linked to 1MDB as Swiss open criminal proceedings

Singapore’s central bank on Tuesday ordered BSI’s operations in the city-state to close down as Switzerland opened criminal proceedings against the private bank based on its investigation into transactions by Malaysia’s troubled state fund, 1MDB.

The Monetary Authority of Singapore (MAS) said it had withdrawn Swiss-based BSI Bank’s status as a merchant bank in Singapore and directed it to shut down for serious breaches of anti-money laundering requirements and other lapses.

In a statement, MAS said it has referred to the public prosecutor the names of six current and former members of BSI Bank’s senior management and staff to evaluate whether they have committed criminal offences.

“This is the first time that MAS is withdrawing its approval for a merchant bank since 1984, when Jardine Fleming (Singapore) Pte Ltd was shut down for serious lapses in its advisory work,” MAS said.

The investigations in Switzerland and Singapore surrounding 1Malaysia Development Bhd [TERRN.UL] (1MDB) focus on alleged fraudulent financial transactions that were used to funnel money to politically-connected individuals and possible money laundering.

The probes into 1MDB have cast an unwelcome spotlight on Singapore, which has been trying to burnish its anti-money laundering credentials.

“BSI Bank is the worst case of control lapses and gross misconduct that we have seen in the Singapore financial sector,” said Ravi Menon, managing director of MAS, in a statement.

BSI said in a statement its group CEO Stefano Coduri will step down and it has undertaken steps to strengthen management, including the introduction of a new chief risk officer and the appointment of a new group legal counsel.

1MDB did not immediately respond to a request for comment.

Swiss authorities said in February that a criminal investigation into 1MDB had revealed that about $4 billion (2.76 billion pounds) appeared to have been misappropriated from Malaysian state companies.

Singapore shuts bank unit linked to 1MDB as Swiss open criminal proceedings
May 24, 2016 – Reuters


0 Responses to “Singapore shuts bank unit linked to 1MDB as Swiss open criminal proceedings – Reuters”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

The dawn of A Better Malaysia!
Rafidah Aziz, Hannah Yeoh, Ambiga at TTDI ceramah


Mahathir in Putrajaya ceramah


What happened to 1MDB’s money? – CNBC Video
Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?



%d bloggers like this: